Bipartisan SAFE Banking Act introduced in Senate

A group of 29 Senators introduced the Secure and Fair Enforcement (SAFE) Banking Act Tuesday, a week after the same bipartisan bill was introduced in the House. The bill would provide protections for financial institutions serving legal cannabis businesses.

“Thanks to this bipartisan group of Senators for reaching across the aisle to introduce this bill that addresses an important public safety issue that comes with legal businesses that currently must operate on a cash-only basis,” said CUNA President/CEO Jim Nussle. “With both chambers introducing this bill in a bipartisan fashion, it’s clear Congress views this as an important priority, and CUNA, Leagues, and credit unions will continue their engagement to get it across the finish line.”

The SAFE Banking Act would prevent federal banking regulators from:

• Prohibiting, penalizing or discouraging a financial institution from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business;

 

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